Stock fact sheet · data as of
M&T Bank Corporation (MTB): fair value, margin of safety and Wheel Score
Ticker symbol MTB · Financial Services · Banks - Regional · United States · Value
Is MTB undervalued?
At 224.64 (close of 5 Nov 2026), MTB trades 39% below the GLS average fair value of 367.14. That average comes from 9 models run on the latest filings, and 6 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns M&T Bank Corporation the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between DDM (88.29) and 10 Cap (639.53). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, MTB is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 68, growth score 23, out of 100).
Nine valuation models for MTB
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 565.03 | +152% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 303.37 | +35% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 562.94 | +151% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 198.91 | -11% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 148.27 | -34% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 639.53 | +185% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 565.37 | +152% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 88.29 | -61% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 232.56 | +4% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -892.66 | -497% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 254.08 | +13% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
M&T Bank Corporation scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. On durability MTB scores 7.4/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are moderate - ROIC 6.8%, ROE 9.8%, ROA 1.3% - with debt at 0.45 times equity and a free-cash-flow yield of 11.3%.
The dividend yield is 2.67% at a payout ratio of 35%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Retail Bank 48%, Commercial Bank 30%, Institutional Services and Wealth Manag… 15% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 4/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 6.8% |
|---|---|---|---|
| GLS Moat | 7.4 / 10 | ROE | 9.8% |
| Debt / equity | 0.45 | ROA | 1.3% |
| Free-cash-flow yield | 11.3% | Payout ratio | 35% |
| Institutions | 10 / 10 | Insiders · Congress | 4 · 5 / 10 |
Wheel Score 75: Good
With a Wheel Score of 75 - the Good band - M&T Bank Corporation passes all 9 Wheel Trade Filters. How it ranks: value strong, premium fair, moat good, health good, red flags fair, option trading weak, stability strong. Option trading (weak) is the part keeping it out of the Prime band.
Implied volatility is 26% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is 5,213 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 938k shares a day on a market cap of $32.4B, with a beta of 0.64 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 39% below fair value | |
| Premium | Fair | implied volatility 26% | |
| Moat | Good | moat 7.4/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Fair | Red Flags score 75/100 | |
| Option trading | Weak | 328 contracts a day, 5,213 open interest | |
| Stability | Strong | beta 0.64, $32.4B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 19 Jan 2027, 75 days away - outside the window of a 30-45-day put sold today.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to M&T Bank Corporation by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| HBANM Huntington Bancshares Incorporated | 18.95 | 19.20 | +1% | 23No options | $32.5B |
| HBAN Huntington Bancshares Incorporated | 16.06 | 17.83 | +10% | 41Weak | $32.4B |
| HBANZ Huntington Bancshares Incorporated | 18.20 | 15.90 | -14% | 15No options | $32.8B |
| HBANP Huntington Bancshares Incorporated | 15.02 | 17.34 | +13% | 28No options | $31.9B |
| NWG NatWest Group plc | 16.55 | 70.41 | +76% | 50Fair | $33.5B |
| HBANL Huntington Bancshares Incorporated | 24.69 | 21.93 | -13% | 23No options | $34.1B |
| SHG Shinhan Financial Group Co., Ltd. | 65.06 | 212.28 | +69% | 52Fair | $30.1B |
| BSBR Banco Santander (Brasil) S.A. | 4.76 | 8.85 | +46% | 37Weak | $35.6B |
| BBD Banco Bradesco S.A. | 2.57 | 17.92 | +86% | 59Fair | $28.3B |
| CFG Citizens Financial Group, Inc. | 65.90 | 79.25 | +17% | 70Good | $27.6B |
| FCNCP First Citizens BancShares, Inc. | 18.13 | 2,716.08 | +99% | 40No options | $27.3B |
| BBDO Banco Bradesco S.A. | 2.44 | 16.58 | +85% | 40No options | $27.3B |
⚖ Compare MTB with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about MTB
Is MTB undervalued right now?
By the GLS models, yes: at 224.64 the stock is 39% below the average fair value of 367.14 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of MTB and what does it mean?
MTB scores 75 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for MTB?
367.14 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does M&T Bank Corporation report earnings next?
The next earnings report is due on 19 Jan 2027, 75 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does MTB have listed options, and how liquid are they?
Yes. The nightly snapshot found 144 listed contracts with 5,213 open interest across all expiries and implied volatility of 26% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.